Homework Answers
a)
Cost of goods sold = Net sales - Gross profit
= 875,000 - 305,000
= $570,000
b)
Cost of goods available for sale = Beginning inventory + Purchases - Purchase returns and allowances - Purchase discount + Freight in
= 75,000 + 560,000 - 8,000 - 12,000 + 10,000
= $625,000
c)
Ending inventory = Cost of goods available for sale - Cost of goods sold
= 625,000 - 570,000
= $55,000
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LIEU DULDI Pomnes. PROBLEM 1: 15 POINTS The income statement of Leang's Luggage includes the items...
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1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
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Purchases
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Purchase Discounts
800
Purchase Returns and Allowances
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Sales
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1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
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